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Monday, 25 March 2019

Egypt mulls using coded stickers on imports to curb customs, tax evasion

EXCLUSIVE- Government mulls using coded stickers on all imports to curb customs, tax evasion: The government is considering using band rolls, a special type of coded sticker, on all imported products to combat customs and tax evasion and ensure quality standards, a government official told Enterprise. Band rolls have been used on alcohol and cigarettes for a few years, which our source tells us helped curb evasion. According to our source, the band rolls are made of three layers and have a watermark that cannot be forged to ensure the authenticity of the sticker. Using band rolls on electronic products is under study as the first step, with an eye to expanding to all types of imported products, our source says. The move is part of the government’s plans to raise taxes from VAT to EGP 500 bn within two years.

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